PM Khan launches ‘Raast’, Pakistan’s first instant digital payment system

SBP aims to reduce the volume of cash-based transactions, as several social issues arise due to the prevalent system.

6

rast

The State Bank of Pakistan has decided to introduce a world-class payment system called ‘Rast,’ which will be a big step in digitizing Pakistan’s financial mechanism.

While talking to a private media outlet, The Deputy Governor SBP, Sima Kamil, announced the development. She said, “the central bank from today(11th of January) will initiate a new payment system called ‘Rast,’ as we believe this a right way forward for the country.”

The Deputy Governor added that despite the availability of 160 million mobile phones, our digital economic participation is minimal, as many people rely on cash for payments.

She said that under the new system, the SBP aims to reduce the volume of cash-based transactions, as several social issues arise due to the prevalent system.

Speaking about the scope of the ‘Rast’ payment system, Kamil informed that the upcoming payment system would digitize the BISP and the Ehsaas payments by June in the next phase. 

“Nearly sixteen million women would be facilitated with this system,” she said.

Kamil notified that the upcoming payment system has been previously implemented in advanced countries, including the UK and Australia.

The Deputy Governor informed that ‘Person to Person’ payments will start after June, and a common man could make payments through QR codes by December.

What are your views on this? Share in the comments bar below.

  • a common man could make payments through QR codes by December.

    In China, QR based payments are widely used, a technology mocked in West decades earlier by revolutionized China payments.

  • Governemt should offer instant discount on GST. example on cash payments GST to be 15% but on digital payment GST to be 12% (A lot of GST is misappropriated anyway). That should accelerate the adoption process. If this makes sense, can someone convey this suggestion to higher ups?


  • Featured Content⭐


    Most viewed in last 24 hours


    24 گھنٹوں کے دوران 🔥


    >